The Editorial Team |

The Black Grit That Beat Bitcoin’s Rally and Didn’t Slump

LAGOS (Capital Markets in Africa) – China’s push for blue skies has caused an obscure steelmaking ingredient to fuel gains of as much as 2,600 percent since the start of 2017 for the few companies that supply it, minting at least one new billionaire. The material is graphite, a form of carbon that has seen demand soar because of its use in electric-vehicle batteries and the lower-pollution steel mills that China is favoring to clean up its…

Speculative Danish Bitcoin Loss Eligible for Tax Subsidy

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LAGOS (Capital Markets in Africa) – Bitcoin isn’t treated as currency by the Danish tax authority. Danish tax subsidies can be applied to losses from speculation on bitcoin, Denmark’s tax authority told a taxpayer who lost nearly 24,000 kroner ($3,722) trading the cryptocurrency. That means bitcoin investments are covered by laws on speculation and assumed to be a commodity purchased for the purposes of speculation only, and therefore aren’t treated as currency, the tax authority…

Djibouti Nationalizes Port Company Stake in DP World Dispute

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LAGOS (Capital Markets in Africa) – Djibouti’s government nationalized the national port company’s stake in the Doraleh Container Terminal, escalating its battle with DP World Ltd. for control of the harbor. The step comes a month after a U.K. tribunal ruled that Djibouti’s cancellation in February of DP World’s contract to run DCT was unlawful. It also follows the High Court of England & Wales’ granting of an injunction last week restraining Port de Djibouti SA, or PDSA, from treating…

MTN Seeks Nigeria Court Injunction in $10 Billion Payment Spat

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LAGOS (Capital Markets in Africa) – MTN Group Ltd. applied to Nigeria’s Federal High Court to stop the government enforcing $10 billion in claims against the mobile phone company, buying itself some time as it tries to defuse the dispute. Africa’s biggest wireless carrier repeated a denial that it illegally transferred $8.1 billion out of Nigeria and owed a further $2 billion in back taxes. The crisis has wiped almost a third off MTN’s share price…

South Africa Business Confidence Drops to Lowest This Year

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JOHANNESBURG (Capital Markets in Africa) – South African business confidence declined to the lowest level this year as industries raised concern about policy uncertainty, including the ruling party’s plan to change the constitution to make it easier to expropriate land without paying for it. The gauge dropped to 38 in the third quarter, FirstRand Ltd.’s Rand Merchant Bank unit and the University of Stellenbosch’s Bureau for Economic Research said in an emailed statement Tuesday. All sectors…

Egypt Central Bank Gets Reprieve as Monthly Inflation Slows

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CAIRO (Capital Markets in Africa) – Egyptian consumer prices rose at their slowest monthly rate since May, offering fresh evidence that the impact of fuel price hikes was abating and giving the central bank room to shift its focus from inflation to investments. Monthly inflation in August eased to 1.8 percent compared to 2.4 percent the previous month, according to data reported by CAPMAS, the state-run statistics agency, its slowest pace since the government began…

Uganda Alleges Foreign Meddling Amid Call for Cut in U.S. Aid

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KAMPALA (Capital Markets in Africa) – Ugandan President Yoweri Museveni took aim at alleged foreign interference in his country’s politics and railed against the media in his first official address since sporadic protests over the arrest of a pop star-turned-opposition lawmaker. Museveni, who’s ruled since 1986, accused unidentified foreign governments of funding non-governmental organizations that assist the East African nation’s opposition. In his state of the nation address late Sunday, he also declared the need for “discipline…

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